Metal Scrap Performance in China Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on Dec 13
2019-12-13

Copper: Today, the price of recycled copper in Foshan market rose further, but the increase has narrowed. Copper prices may face high pressure for a short period of time after rising continuously, but overnight, stimulated by optimistic expectations of Sino-US trade negotiations, LME copper staged a wave of first suppression and then uplift. At present, LME copper still fluctuates around 6,200 US dollars, while SHFE copper's main contract also fluctuates around 49,000 yuan. For this week's continuous rise, some companies have been cautious. Copper companies are still mainly purchasing on demand even though their orders have not improved. They are generally worried that they will suffer greater losses in case of a pullback in copper prices if they make a large-scale recovery at this time. However, some businesses believe that there are many favorable factors in the current copper market, and even if there is a correction, the space will be limited.

 

Aluminum: Today, the price of aluminum in Foshan market continues to fall, and market transactions tend to be cautious. National aluminum social inventory continues to drop to about 650,000 tons. Low inventory still supports short-term aluminum prices, but factors such as tight capital flow years ago will still influence long-term purchasing enthusiasm. It is expected that short-term aluminum prices will not fluctuate much for the time being. At present, most aluminum enterprises mainly withdraw funds and demand less orders.

 

Zinc: Today, the zinc price in Foshan market rose slightly, but the appreciation of RMB showed the room for zinc price to rise. Traders were generally worried that the short-term zinc price rise would not be sustainable, so large quantities of stock were still not enough and shipments were relatively positive. However, at present, zinc manufacturers have fewer orders, so their purchasing intention is not strong. They mainly maintain on-demand purchasing and their trading volume is limited.

 

Stainless Steel: Today, the price of waste stainless steel in Foshan market is stable. LME nickel continues to challenge the resistance at the US$ 14,000 mark, and may continue to rebound in a short period of time. The rise in nickel prices slowed down, the momentum for the continued rise in the stainless steel market weakened significantly, the trading atmosphere in the scrap stainless steel market was relatively active, and recyclers actively entered the market to make inquiries for purchases, pushing up the price negotiation.

WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!